MRO Market for the Manufacturing Industry (2023-2030)
The MRO Market for the Manufacturing Industry is projected to reach $49.65 billion by 2030, at a CAGR of 7.8% from 2023 to 2030.
- Published
- Jan 2023
- Pages
- 231
- Format
- PDF + Excel
- Report ID
- MRSE - 104753
- Base year
- 2022
- 2030 · FORECAST
- $49.65B
- 2030
- $49.65B
- CAGR 2023–2030
- 7.8%
2022 baseline · 2023–2030 forecast at 7.8% CAGR · hover a bar for the value
Key highlights
Based on Product, the Automation Equipment Segment is Expected to Register the Highest CAGR
Based on Sector, Medical Devices Segment is Expected to Register the Highest CAGR
Middle East & Africa: The Fastest-growing Regional Market
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023–2030 |
| Market Size (2030) | USD 49.65 billion |
| CAGR (2023–2030) | 7.8% |
| Format | PDF, Excel & Cloud Portal · 231 pages |
| Segments Covered | By Product: Plant Facilities Maintenance, Spare Parts, Equipment Refurbishment, Maintenance · By Sector: Pharmaceuticals, Medical Devices, Food & Beverage, Consumer Products, Electronics / Semiconductor, Automotive, Ship Building, Aerospace & Defense, Energy & Power, Oil & Gas, Chemical, Metal & Mining, Other Sectors |
| Countries Covered | Asia-Pacific (China, India, South Korea, Singapore, Indonesia, Rest of Asia-Pacific), Europe (Germany, U.K., France, Italy, Spain, Ireland, Rest of Europe) |
| Key Companies | Siemens AG, WESCO International, Inc., ERIKS N.V., SDI, Inc., Global Electronic Services, Inc., Advanced Technology Services, Inc., NRTC Alabama, Inc., PSI Repair Services, Inc., OMRON Corporation, Yokogawa Electric Corporation, Sika Interplant Systems Limited, ATLAS COPCO AB, SWIFTSHIPS LLC |
Report overview
Segments covered: product, sector. Regions: Asia-Pacific, Europe.
The growth of this market is driven by the proliferation of digital transformation in MRO processes and the growing need to reduce maintenance costs & unplanned downtime. The increasing demand for remote maintenance & repair and the emergence of 5G technology is expected to create market growth opportunities. However, the shortage of skilled workforce is a major challenge for the players operating in this market. Additionally, digital MRO is a major trend in the global MRO market for the manufacturing industry.
Report infographic
Impact of COVID-19 on the MRO market for the manufacturing industry
The spread of COVID-19 severely impacted the performance of several industries, including manufacturing across the globe. Through the macro challenges, such as disrupted supply chains, decentralized workforce, and the provision of safe and healthy employee workspaces, MRO market players had to deal with monumental market dynamics. Governments were forced to shut down manufacturing plants and halt import-export operations. As a result, several industries stopped their ongoing production operations, disrupting supply chains, and affecting the demand-supply balance.
The lockdown severely impacted the manufacturing industry. On the demand side, the impact of COVID-19 on manufacturing yielded two distinct results: decreased demand in some areas and an increase in others. A survey by the National Association of Manufacturers (NAM) stated that around 78.0% of manufacturers were affected financially, and 35.5% faced supply chain disruptions due to COVID-19. Whether manufacturers were increasing capacity or adjusting production in response to demand, these changes had a major impact on equipment performance, maintenance, repair schedules and practices, and the ability to meet consumer demand on time. On the other hand, the intensifying need to curb cost and improve product quality, reduce operational expenditure through process efficiency, and optimize supply chain management contributed to the demand for MRO services.
The pandemic adversely affected the adoption of MRO in a few industries in 2020 due to the diminished demand for MRO services in industries such as food & beverage, consumer products, and electronics & semiconductors. However, the demand for MRO services in the pharmaceutical and medical devices industry increased due to the high demand for vaccines, cold chain logistics, and medical equipment manufacturing amidst the COVID-19 pandemic.
The adoption of MRO is helping the manufacturing industry attain consistency in production and decrease downtime, optimize facilities and reduce overall energy consumption, helping overcome various challenges related to COVID-19 and driving the recovery of the MRO market for the manufacturing industry. There is an increasing demand for MRO services in the manufacturing industry as the solutions can be easily integrated with various technologies, including AI, 5G, AR, and IIoT, to gain a distinct competitive advantage.
Due to the impact of COVID-19, several technology companies are focused on providing RFID solutions to strengthen industries such as supply chain & logistics, retail, and manufacturing. For instance, in 2021, Advanced Technology Services, Inc. (U.S.) announced an investment and partnership with Nikola Labs Inc. (U.S.) to help digitally transform the maintenance strategy of manufacturers. Such developments and the increasing levels of MRO outsourcing and adoption of the integrator model for MRO sourcing are expected to boost market growth during the forecast period.
Market dynamics
1 factors across 1 forceThe proliferation of digital transformation in MRO processes driving the growth of the MRO market for the manufacturing industry
Digital business transformation has helped enterprises survive and thrive in a fast-changing and competitive marketplace and developing operational strategies. Manufacturers are turning to digital transformation to help automate their processes and equipment. MRO leverages big data, AI/ML, and machine vision to unleash new capabilities and operate business models, enabling value chain intelligence to ecosystem partners. Integrating advanced technologies, including AI, IIoT, and cloud analytics in MRO enables companies to achieve faster response, proactive planning, improved productivity, and consistent dispatch reliability.
AI/ML technologies help virtually monitor maintenance and repair, reduce the risk of failure with periodic assessments, and help minimize unplanned downtime. Cloud-based data analytics helps to proactively monitor the customer’s maintenance needs, improve field service efficiency, and advance customer engagement. The Industrial Internet of Things (IIoT) promotes operational transparency and helps to reduce unplanned downtime in manufacturing operations. Several companies use advanced technologies to increase performance and safety and reduce costly downtime.
In November 2022, Actility (France) and Advantech Co., Ltd. (Taiwan) partnered to launch a new AI-based intelligent predictive maintenance IoT solution called the ‘Advantech IoT starter kit’ to detect anomalous behavior, thereby decreasing machine shutdowns and work accidents while increasing performance and safety. Such developments, along with the benefits of digital transformation and the expansion of automation, smart manufacturing, and industrialization, are driving the growth of the global MRO market for the manufacturing industry.
Table of contents
11 chapters · 104 sections · 231 pages · click to expandSegmental analysis
| Segment | Largest share (2023) | Fastest growth (2023–2030) |
|---|---|---|
| By Product | — | Automation equipment |
| By Sector | — | Medical devices |
By Product
- The automation equipment segment is expected to register the highest CAGR during the forecast period.
- The rising need to eliminate unexpected breakdowns and increase the life span of the equipment, rise in adoption of preventive maintenance in the manufacturing sector, and the surge in demand for industrial automation are expected to support the growth of this segment.
By Sector
- Medical Devices Segment is Expected to Register the Highest CAGR
- The medical devices segment is expected to register the highest CAGR during the forecast period.
- The increasing demand for drugs and devices for the treatment of COVID-19 and the rising need for productivity in the pharmaceutical industry are expected to support the growth of this segment.
Geographic analysis
Middle East & Africa
Fastest growthHowever, the Middle East & Africa is expected to witness rapid growth during the forecast period. This is expected to help the manufacturers improve their operations efficiency, productivity, security, and cost-effectiveness due to the rising trend of the Internet of Things (IoT) and Industry 4.0 are expected to drive the growth of this market in this region. Middle East & Africa: The Fastest-growing Regional Market
Asia-Pacific
Largest shareIn 2022, Asia-Pacific accounted for the largest share of the MRO market for the manufacturing industry, followed by Europe and North America.
Competitive landscape
- Siemens AG
- WESCO International, Inc.
- ERIKS N.V.
- SDI, Inc.
- Global Electronic Services, Inc.
- Advanced Technology Services, Inc.
- NRTC Alabama, Inc.
- PSI Repair Services, Inc.
- OMRON Corporation
- Yokogawa Electric Corporation
- Sika Interplant Systems Limited
- ATLAS COPCO AB
- SWIFTSHIPS LLC
Frequently asked questions
The global MRO market for the manufacturing industry is projected to reach $49.65 billion by 2030, at a CAGR of 7.8% during the forecast period.
Cite this report
Meticulous Research. (2023). MRO Market for the Manufacturing Industry - Global Opportunity Analysis And Industry Forecast (2023-2030) (Report No. MRSE - 104753). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/mro-market-for-the-manufacturing-industry-5437